Final Approval Granted for Merger of Hyundai AutoEver, MNSoft, and Otron

"Becoming a Leading Mobility Software Specialist Company"

[Asia Economy Reporter Yu Je-hoon] The merger plan of three companies?Hyundai AutoEver, Hyundai MnSoft, and Hyundai Autron?was finally approved on the 25th.

Hyundai AutoEver announced that at the extraordinary general meeting held at the Textile Center in Gangnam-gu, Seoul, 82.09% of all shareholders attended, and among the attending shareholders, 99.99% voted in favor and 0.01% opposed the approval of the merger of the three companies. Mergers between companies require a special resolution at the shareholders' meeting, passing with the consent of at least two-thirds of the attending shareholders and at least one-third of the total shares.

On the same day, Hyundai MnSoft also held an extraordinary general meeting at its headquarters in Yongsan-gu, Seoul, where 71.93% of all shareholders attended, and 97.53% of the attending shareholders approved the merger. Hyundai Autron also gave final approval to the merger plan.

The merger ratio among the three companies is Hyundai AutoEver 1, Hyundai MnSoft 1.0012, and Hyundai Autron 0.13. Hyundai AutoEver, a listed company, calculated the merger price based on market valuation, while the unlisted companies Hyundai MnSoft and Hyundai Autron calculated the merger price based on intrinsic value according to the law after evaluation by an external accounting institution.

Through this merger of the three companies, the newly established corporation will integrate the dispersed software capabilities within Hyundai Motor Group, actively respond to the mobility environment and market competition, and aim to leap forward as a specialized mobility software company. Specifically, by maximizing efficiency through the integration of software development systems and unification of development entities, it plans to enhance the software quality and completeness of next-generation vehicles, secure core technologies for vehicle software, and strengthen service connectivity.

A Hyundai AutoEver official stated, "The newly launched merged corporation will leverage synergies in the software field, which is the core of the future mobility ecosystem, take the lead in realizing Hyundai Motor Group’s mobility vision, and do its best to enhance shareholder value."

Meanwhile, the exercise period for the stock purchase rights related to the merger of the three companies is until the 17th of next month, the scheduled merger date is April 1, and the listing date of the merger new shares is scheduled for April 14.